This new analysis of high school graduation rates in the South calculates graduation rates using the Urban Institute's widely used Cumulative Promotion Index (CPI). Results show that the region's overall graduation rate of 65 percent falls below the national average and that large disparities exist among racial-ethnic groups. This graduation gap has narrowed slightly during the past several years. Detailed results for five Southern states (FL, GA, LA, MS, NC) and a special analysis of the link between graduation rates and levels of racial and socioeconomic segregation are also included.